新和成(002001)：业绩符合预期 新项目助力成长

Core Insights - The company reported a revenue of 11.1 billion yuan for the first half of 2025, representing a year-on-year growth of 13%, with a net profit attributable to shareholders of 3.6 billion yuan, up 63% year-on-year [1] - In Q2 2025, the company achieved a revenue of 5.7 billion yuan, a 6% increase year-on-year and a 4% increase quarter-on-quarter, with a net profit of 1.7 billion yuan, reflecting a 29% year-on-year growth but an 8% decline quarter-on-quarter [1] Business Analysis - The nutrition and flavor segments showed positive revenue and profit growth, driving the company's strong performance. The nutrition segment generated 7.2 billion yuan in revenue, an 8% increase year-on-year, with a gross margin of 48%, up 12 percentage points year-on-year. The flavor segment reported revenue of 2.1 billion yuan, a 9% increase year-on-year, with a gross margin of 54%, up 4 percentage points year-on-year [2] - The company is actively seizing market opportunities in nutrition, new materials, and flavors while maintaining its market advantages in existing products. It is also promoting the market expansion of new products such as HA series and tryptophan [2] - Project construction is progressing steadily, with the company’s overseas expansion efforts advancing. The liquid methionine project in partnership with Sinopec is in trial production, and the Tianjin nylon new materials project has completed compliance approvals [2] - The company is enhancing its international digital layout, accelerating localization of sales and R&D overseas, and has established management systems for overseas operations, including pilot recruitment from overseas universities [2] Profit Forecast, Valuation, and Rating - The company is a leader in the vitamin sector, with the nutrition segment beginning to scale up and new projects continuing to advance, supporting long-term growth. The forecasted net profits attributable to shareholders for 2025-2027 are 6.598 billion, 7.073 billion, and 7.411 billion yuan, respectively, with corresponding PE ratios of 11.42, 10.65, and 10.17 times. The rating is maintained at "Buy" [3]